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Old 07-22-2007, 10:11 AM
 
11 posts, read 53,519 times
Reputation: 12

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We recently had a horrifying experience with our sellers agent who works for one of Charlotte's major real estate agency.
Here's what happened:
We received an offer on our house and obviously were very excited about it. We trusted our realtor and when he gave us the buyer's offer to purchase contract , it had a couple of things handwritten - that the buyer had a preapproved loan from a major bank and that they did not own a home to sell in Florida. We asked for the preapproval letter before we signed the contract to which he said that "don't worry I have worked with the buyer's agent in the past and we should trust him about the preapproval". We also felt comfortable that the buyer did not own a home in Florida considering the housing market out there.
We did not receive the preapproval for weeks and finally when we received it, it was from a local unknown mortgage broker. Our agent was'nt forthcoming with any information we requested and felt nothing was negotiated on our behalf (repairs, and some information that we had confided to our agent was used against us to help the buyer get a better deal). Since the information was not forthcoming and we had our doubts about the buyers financial situation we wanted to move out after closing. But our agent was insisting and pressurising us in different ways to move out well before closing. He also wanted us to pay for the buyers moving cost. It seemed like he was working for the buyer making sure they got everything they wanted.
Despite his antics we stuck to our guns and finally we closed.
During the closing we found out from the buyers that they had in fact owned a home and delay in closing was due to the sale of their existing home
and not because of their mortagage loan precondition ( The precondition presented to us was that the buyer had to report to his new job before the final loan commitment).
The buyers agent and our sellers agent wanted to close the deal at our expense and hid important information from us.
Is this normal and ethical behavior of real estate brokers??????
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Old 07-22-2007, 11:18 AM
 
85 posts, read 281,583 times
Reputation: 39
Hell no...that, in fact, is MATERIAL breach of ethics...I would send a letter to the RE Commission and copy every person within the company, right up to the boss, CEO, etc, and if a franchise, the Big Bosses...this person was NOT working for your interests, and the RE business is based on ethics...unfortunately it is often the $$$ that counts...the reason that there are standardized contracts is that the industry has succumbed to the same sales pressure as used car salespeople...sad, but true...it just reinforces the notion that you can't trust anyone but yourself...I hope you have copies and/or written correspondence...this person should lose there license IMHO. As a contractor I can't stand having to constantly defend myelf because of the dishonor so prevalent in my business.
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Old 07-22-2007, 11:42 AM
 
Location: South Charlotte
1,435 posts, read 5,766,427 times
Reputation: 486
Take action, NOW. Please help us weed out the individuals that hurt our industry.
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Old 07-22-2007, 11:44 AM
 
204 posts, read 774,008 times
Reputation: 108
Totally, completely unethical. Thank goodness you stood firm. Per GatorB definitely put this in writing to the city and state licensing bureaus,etc.-make sure it's sent certified/return receipt mail and keep copies.
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Old 07-22-2007, 02:37 PM
 
Location: South Charlotte
1,435 posts, read 5,766,427 times
Reputation: 486
There is a number on the commission's website that you can call as well.
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Old 07-22-2007, 02:52 PM
 
Location: Waxhaw
42 posts, read 129,925 times
Reputation: 15
Absolutely agree with the previous posts. Go to the BIC and the RE Commission and file a report.
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Old 07-22-2007, 04:32 PM
 
Location: Sunny Phoenix Arizona...wishing for a beach.
4,300 posts, read 14,951,960 times
Reputation: 813
Quote:
Originally Posted by WaxhawRelocator View Post
We recently had a horrifying experience with our sellers agent who works for one of Charlotte's major real estate agency.
Here's what happened:
We received an offer on our house and obviously were very excited about it. We trusted our realtor and when he gave us the buyer's offer to purchase contract , it had a couple of things handwritten - that the buyer had a preapproved loan from a major bank and that they did not own a home to sell in Florida. We asked for the preapproval letter before we signed the contract to which he said that "don't worry I have worked with the buyer's agent in the past and we should trust him about the preapproval". We also felt comfortable that the buyer did not own a home in Florida considering the housing market out there.
We did not receive the preapproval for weeks and finally when we received it, it was from a local unknown mortgage broker. Our agent was'nt forthcoming with any information we requested and felt nothing was negotiated on our behalf (repairs, and some information that we had confided to our agent was used against us to help the buyer get a better deal). Since the information was not forthcoming and we had our doubts about the buyers financial situation we wanted to move out after closing. But our agent was insisting and pressurising us in different ways to move out well before closing. He also wanted us to pay for the buyers moving cost. It seemed like he was working for the buyer making sure they got everything they wanted.
Despite his antics we stuck to our guns and finally we closed.
During the closing we found out from the buyers that they had in fact owned a home and delay in closing was due to the sale of their existing home
and not because of their mortagage loan precondition ( The precondition presented to us was that the buyer had to report to his new job before the final loan commitment).
The buyers agent and our sellers agent wanted to close the deal at our expense and hid important information from us.
Is this normal and ethical behavior of real estate brokers??????

Shame, shame no that's not normal but one of the reasons I got my own RE license. I've delt with the game players in the past and have been burned.
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Old 07-22-2007, 06:22 PM
 
Location: Tampa Bay Area Florida
7,937 posts, read 20,370,579 times
Reputation: 2026
I agree with the other posters, being a realtor in Jersey,you def need to report this person to the RE commission quickly as what this person had done is unethical and underminding to you his client...pls ...let us know what happens
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Old 07-22-2007, 08:33 PM
 
Location: Concord, NC
117 posts, read 406,101 times
Reputation: 24
So sorry for your experience. I hate agents like the one you had. They make the good, ethical agents look bad.I would definitely report this person first starting with the Broker In Charge and then the NC real estate commission. I don't know how people look themselves in the mirror when they do this kind of stuff. We are supposed to work for OUR CLIENTS BEST INTERESTS not our own. So sad that agents don't take this stuff seriously.
Best of luck to you in the future!
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Old 07-23-2007, 06:19 PM
 
11 posts, read 53,519 times
Reputation: 12
thanks for all your reponses. I will be reporting him to RE commision as was suggested. Another thing I wanted to mention was that my agent was on vacation several times during the contract negotiation period and when we pressed him for information he had the audacity to complain that "his vacation was ruined because of us".
I have a question for the real estate agents - is it legally valid to write handwritten addendums to the Offer for Purchase Contract without buyers initials. I am suspecting that it was the handiwork of my agent.
thanks again.
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